Rich Get Richer ... And So Do Their Kids

Berkshire Hathaway Chief Executive Officer Warren Buffett testifies on Capitol Hill in Washington, Wednesday, Nov. 14, 2007, before the Senate Finance Committee hearing on the federal estate tax.
This column was written by CBS News Early Show co-anchor Harry Smith.

You know the old saying, "the rich get richer."

I make a pretty good living and my experience has been that the so called "playing field" is tilted in favor of the "haves." Tax-cuts. Favorable interest rates. Loopholes. Quite often the more people have, the less they want to pay taxes. That old notion of paying your fare share is no longer in vogue.

There are more rich people in America than ever before and what you never hear one of them say is, "I think we need to take a little more out of the hides of guys like me." Those are the words of multi-billionaire Warren Buffet speaking to Congress on Wednesday.

Republicans want to get rid of inheritance taxes and Buffet believes that will only serve to create a kind of aristocracy.

Buffet isn't against wealth. He simply thinks people should earn it. He said he believes in "equality of opportunity."

That's a notion that's hard to be against.

Harry's daily commentary can be heard on many CBS Radio News affiliates across the country.
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